The Mandatory Disclosure of Trades and Market Liquidity
证明强制披露规则可能增加内幕交易者的预期利润，即使他们没有资产价值的私有信息，且内幕交易者通常不会自愿披露，因此必须强制。
Financial market regulations require various “insiders” to disclose their trades after the trades are made. We show that such mandatory disclosure rules can increase insiders’ expected trading profits. This is because disclosure leads to profitable trading opportunities for insiders even if they possess no private information on the asset’s value. We also show that insiders will generally not voluntarily disclose their trades, so for disclosure to be forthcoming, it must be mandatory. Key to the analysis is that the market cannot observe whether an insider is trading on private information regarding asset value or is trading for personal portfolio reasons.